Report from Chief Financial Officer

2022 Expenses Budget to Actual

Comparable to budget, slight increase over budget partially due to $266,011 of actual amortization compared to budget of $156,613 primarily in the IT infrastructure category.

Comparable to budget, came in slightly under budget due to requesting 18 RCMP offers but only being billed based on actuals which was closer to 14 for the year.

Transit costs came in $246,000 under budget due to still recovering ridership as well as repayment of BC Transit reserve in the form of reduced bills. Majority of remaining difference due to budgeted operating projects funded from reserves that were carried over into 2023.

Comparable to budget, slighty under budget due to final coding of an FTE.

Comparable to budget, slightly under budget due to some staffing vacancies in the year.

Creekside Theatre performance fees were $231,313 compared to budget of $60,000 however please note that programming revenues were $280,719 compared to budget of $65,000. Arena operating expenditures were $64,409 above budget however arena revenue was $84,985 above budget. Remaining difference attributable to higher than budgeted amortization on tangible capital assets.

Comparable to budget, a number of budgeted operating projects funded from reserves that were carried over into 2023 resulted in the actual for 2023 coming in below budget.

Comparable to budget, slight negative variance due to higher material/supply costs due to supply chain/inflationary pressures. Also had higher than budgeted revenues which offset the majority of this variance.

Interest expense was higher due to timing of new Fire Hall and Wastewater Treatment Plant Phase 4 loans.